The recent changes over the past few years are making it ever more difficult to cheat on your taxes. This in one way is a good thing and in another a bad thing.
Yes, everyone should be paying their fair share of taxes. All income is taxable and needs to be reported and recorded. So, this allows the IRS to monitor all income. Form 7203 watches all business owner transactions to calculate the owner’s basis.
The bad thing about it is that privacy is slipping away, the government is truly becoming “Big Brother” and is watching every move.
I have cash, which I inherited from my mother. I never deposited it, and it is in my safety deposit box, I know the alarm bells that will go off if and when I deposit it.
How will the government look at the at deposit and no question it?
They are keeping track or everything now…